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2005-08-15
Great Hill Announces Completion of Sale of BillMatrix Corporation

Boston - August 15, 2005 - Great Hill Partners, LLC is pleased to announce that the $350 million acquisition of BillMatrix Corporation ("BillMatrix" or the "Company") by Fiserv, Inc. ("Fiserv") (NASDAQ: FISV) has been completed.

BillMatrix is a provider of expedited electronic bill payment services for companies in the utilities, telecommunications, insurance and financial services industries. Through its proprietary technology, BillMatrix provides billers with a flexible, outsourced solution that allows consumers to electronically pay bills through multiple payment interfaces using a variety of payment methods.

The Company, based in Dallas, Texas, was formed in 1994 as TelePay, Inc. In 1999, Scott B. Walker, BillMatrix's current CEO, acquired the company and installed a new management team. The company's name was changed to BillMatrix Corporation in 2000.

Matthew T. Vettel, Managing Partner at Great Hill, stated, "Scott Walker and the BillMatrix management team have done a superb job of building BillMatrix into one of the premier companies in the bill payments industry. We expect that he and his team will continue to thrive as part of Fiserv."

Great Hill acquired a majority interest in the Company in December 2003. The investment was the result of Great Hill's comprehensive research-driven initiative in the electronic bill payment services sector. Great Hill had developed a relationship with BillMatrix two years prior to its investment and had discussed an equity investment with the Company on numerous occasions before completing the transaction.

"We were delighted to partner with Great Hill," said Scott Walker. "They brought a comprehensive understanding of the payments industry and tremendous support to the BillMatrix team."

"BillMatrix is a great example of the type of investments that Great Hill seeks - a strong management team, significant recurring revenue and a defensible business model in a large, growing market," added Mark D. Taber, Partner at Great Hill. "We will continue to proactively meet the leading companies in our target investment areas and seek to invest as the opportunities present themselves."

BillMatrix is the latest in a series of portfolio developments for Great Hill Partners. On April 15, 2005, Great Hill completed the sale of Global Tower Partners, a wireless tower company, to The Blackstone Group. On May 12, 2005, First Data Corporation (NYSE: FDC) announced the definitive merger with Vigo Remittance Corporation, a Great Hill portfolio company that provides electronic funds transfer services in 47 countries. In addition, on July 13, 2005, IGN Entertainment, Inc., an Internet-based media site for video game enthusiasts, filed a registration statement for a proposed initial public offering.

About Great Hill Partners Great Hill Partners is a private equity firm that manages over $1.2 billion in capital and focuses on investing in growth companies operating in the business services, media, communications, information, education and IT sectors. Great Hill Partners is currently investing its $460 million fund, Great Hill Equity Partners II, L.P., and targeting investments of $20 million to $75 million. For more information, please visit www.greathillpartners.com.

About BillMatrix Founded in 1994, BillMatrix Corporation provides outsourced, high-tech alternatives to traditional payment methods using the latest automated interface technologies. BillMatrix works with more than 120 companies to supplement paper-based methods of remittance with convenient, efficient and cost-effective electronic payments. Consumers, customer service representatives and other third-party agents are able to make payments via hosted Internet and telephone systems using credit cards, ATM/debit cards and electronic check payment options. For more information, please visit www.BillMatrix.com.

About Fiserv Fiserv, Inc. (NASDAQ: FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, business process outsourcing and software and systems solutions. Fiserv has more than 16,000 clients worldwide, including banks, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. For more information, please visit www.fiserv.com.